Video marketing statistics help businesses now more than ever, as video marketing has come a long way in the past few years, and it's showing no signs of slowing down.
With such a huge potential for engagement and ROI, it's no wonder that more and more businesses are turning to video as a key part of their marketing strategy.
But what are the most important statistics to know to make the most of your video marketing efforts in the coming year?
In this blog post, we'll take a look at the latest video marketing statistics for 2023 and explore what they mean for your business.
Video marketing data shows that in 2023, a record-breaking 91% of businesses are expected to adopt video as a marketing strategy, a significant increase in recent years.
The utilization of video as a marketing tool continues to be a high priority for marketers, with an unprecedented 96% of marketers recognizing the value of video as an essential part of their overall marketing strategy.
This is a significant increase from previous years and clearly indicates that video has become a vital component of modern marketing efforts.
Marketers understand that video is a powerful medium for reaching and engaging with their target audience and are increasingly leveraging this medium to achieve their business objectives.
Creating video content can be a powerful way to connect with your audience, but it can also be a significant challenge for many businesses.
From lack of time and resources to concerns about ROI, there are various reasons why some businesses may not be creating as much video content as they'd like.
According to a 2023 survey on video marketing,
➢ 30% of people cited lack of time as a barrier to creating video content,
➢ 18% didn't know where to start,
➢ 10% struggled to convince key decision-makers to invest in video,
➢ 10% felt that video was too expensive,
➢ 8% didn't see the need for video,
➢ And 5% were unsure of the return on investment.
However, no matter what they say, in 2023, 70% of businesses that currently do not have a video marketing strategy in place plan to start using online video as a marketing tool.
Wyzowl Video Survey 2023 shows that in 2022, 17% of video marketers began using video for the first time as a marketing tool.
When asked about their reasons for starting to use video, many cited
➢ 41% said it had become easier to create videos in-house,
➢ 39% said it had become easier to convince others in the business of the value of video,
➢ 34% said it had become quicker and less time-consuming to create videos,
➢ 30% said the video had become more affordable than it used to be,
➢ 22% said they had become clearer on the ROI of video,
➢ 20% said this was at least partly because new video content was made necessary by new challenges.
Video marketing statistics show that a majority of video marketers created live-action videos (66%), screen-recorded videos (57%), and animated videos (55%) in 2022.
But that’s not all. A significant number of marketers produced various types of videos.
71% created videos for social media, 70% created explainer videos, 50% created presentation videos, 46% created testimonials and video ads, 42% created teaser videos, and 40% created sales videos.
There is more!
36% created product demonstration videos, 23% created videographics, 21% created customer onboarding and service videos, 20% created staff training videos, 5% created app demonstration videos, and 15% created new hire onboarding videos.
Video marketing comes with a price tag. In the same survey mentioned above, it is stated that
➢ A regular video costs between $0 and $500, according to 42% of video marketers, and between $501 and $1,000 for 18% of video marketers.
➢ 25% of marketers who use videos spend between $1,000 and $5,000 on each one.
➢ A typical video costs between $5,001 and $10,000, according to 9% of video marketers.
➢ On average, 3% of video marketers spend between $10,001 and $20,000.
➢ And for 4%, video marketing costs more than $20,000.
When asked if the video marketing cost is increasing or decreasing, video marketers were not on the same page:
➢ 39% of video marketers feel video marketing is becoming more expensive.
➢ 26% of video marketers think video marketing is becoming less expensive.
➢ 35% of video marketers haven’t noticed any changes to the cost in the last year.
When it comes to the definition of success, everyone has a different approach. It’s the same for the definition of success in video marketing.
Now let's see what success looks like for video marketers based on 2023 video marketing survey.
➢ According to 63% of video marketers, one indicator they use to evaluate the return on investment for their video content is the number of views.
➢ Leads and clicks, according to 56% of video marketers, are the metrics used to measure the effectiveness of their video content.
➢ According to 61% of video marketers, metrics used to measure the ROI for their videos include audience engagement, which is measured by actions like shares, likes, and comments.
➢ Brand awareness and PR are metrics, according to 43% of video marketers, by which they assess the effectiveness of their video content.
➢ Customer engagement and retention are measures that 42% of video marketers use to determine the success of their video content.
➢ Bottom line sales numbers are one of the indicators, according to 26% of video marketers, by which they assess the effectiveness of their video content.
➢ 11% of video marketers said they hardly ever track the ROI of their videos. Helloo?
In the same survey of video marketers, it is seen that video marketing has had a positive impact on their businesses.
➢ 96% of video marketers reported that video marketing has helped them increase user understanding of their product or service.
➢ Additionally, 95% of video marketers said that video marketing has helped them increase brand awareness.
➢ 91% of video marketers said video marketing has helped them increase traffic,
➢ 90% said it helped them generate leads,
➢ 87% said it helped them increase sales, 87% reported it increased dwell time on their website,
➢ 53% said it helped them reduce support queries.
Furthermore, 92% of video marketers reported that video marketing provided a good return on investment, which is an all-time high.
Now that it’s a fact that businesses love video marketing, let’s see their favorite video marketing channel!
➢ Data revealed by Statista shows that 3.5 billion people are projected to watch streaming or downloaded video at least once per month in 2023.
➢ The most viewed video on YouTube statistics show that "Baby Shark Dance" currently has 12.152 billion lifetime views on YouTube.
➢ On Instagram, the top 25% most active brands publish Stories about 17 times a month—roughly every other day.
➢ The least active 25% of brands publish just over 1 Story per week.
➢ According to content marketing statistics, only 23% of content marketers say their current firm offers a clear route for progression.
➢ Same data shows that 54% of content marketers feel they should be paid more.
➢ 2023 Video Survey shows that 79% of people are convinced to buy a software or app after watching a video.
➢ According to same survey, 91% of people want to see more online videos from brands in 2023.
➢ Video is the most shared type of online content, with 51% of people more likely to share it with their friends than any other type of content.
➢On average, people watch 17 hours of online video content per week. While this is a slight decrease from the past two years, it still represents a significant increase compared to years prior.
As video content is processed 60,000 times faster than text, video marketing is a powerful tool for engaging with your audience.
In this blog post, we take a closer look at the latest video marketing statistics for 2023 and the implications for businesses.
With video continuing to gain popularity, staying up-to-date on the latest trends is essential for marketers.
We hope this post helps you gain a better understanding of video marketing and how you can use it to connect with your audience.
How do you utilize video marketing for your business?
Meet me in the comments below!
Here is a cool infographic with some essential video marketing statistics we have shared throughout the blog post. If you want to display this statistical infographic on your website, you are welcome to use the link below.
Yes, the Instagram reel is a feature that offers a way higher engagement rate than any other IG feature and gets 22% more interaction than standard video postings.
That's one reason Instagram has increased the posting time to 90 seconds.
Definitely yes. With 86% of marketing professionals using video as a marketing tool, it is predicted that online videos will account for over 82 percent of consumer internet traffic if you haven’t started to invest in video marketing, you better start now.
Good content always finds its way into the video marketing game and can be a good source of organic traffic to your website.
All you need to do is to focus on the output of your video.
Using the right tactics, you can create original content that brings value to the viewer, distribute it on popular video marketing platforms like TikoTok and Youtube, and link it to your website.
The answer to this question depends on your needs. TikTok and Youtube are both popular platforms for video marketing used by millions of people however they have different usability.
TikTok features short videos with a maximum length of three minutes, while YouTube videos can be hours in length.